Play’n GO Unveils 2023 Sustainability Report with Key ESG Initiatives

Play’n GO, the world’s leading casino entertainment provider, has announced the release of its 2023 Sustainability Report. This inaugural report outlines the company’s Sustainability Strategy, progress, and Environmental, Social, and Governance (ESG) commitments and goals for the year.

Building a Sustainable Industry and Planet

Playn-GO-announces-release-of-company-Sustainability-ReportThe report details Play’n GO’s efforts over recent months and years to contribute to a more sustainable industry and planet. Key areas covered include Responsible Gambling, Climate Commitments, and Inclusion and Diversity. The company has also embraced a pioneering Digital First culture, giving its employees the freedom to choose where and how they work.

Vanessa Arenram, Director of CSR at Play’n GO, expressed her excitement about the release: “Play’n GO has long made its commitment to sustainability and ESG very clear, and the release of our first-ever Sustainability Report is evidence of those words being put into action. We’re thrilled to finally share this report today, and it serves as a celebration of the dedication and progress made by our global team. From our commitment to player safety and collaborating with regulators to influence the development of sustainable regulation, to our Climate Pledge and how we are investing in our people and partnerships, we mean it when we say that the only viable future is a sustainable one. While much of the Report has already been actioned, we still have work to do, and this Report holds us to account as we continue leading the industry to a sustainable future of iGaming.”

Key Initiatives and Achievements

Responsible Gambling: Play’n GO’s groundbreaking Bonus Buy study is a highlight, showcasing the company’s dedication to player safety and responsible gaming practices. Collaborations with regulators have been pivotal in influencing the development of sustainable regulations.

Climate Commitments: The report outlines the company’s Climate Pledge, focusing on reducing its carbon footprint and implementing environmentally friendly practices across its operations.

Inclusion and Diversity: Play’n GO emphasizes its commitment to fostering an inclusive and diverse workplace. The company’s Digital First culture supports this by providing employees with the flexibility to work in ways that best suit their needs.

The Sustainability Report also underscores the importance of regulatory clarity and the need for self-regulatory bodies designated by the Ministry of Electronics and Information Technology (MeitY). This framework can incorporate lessons from existing IT rules to create a comprehensive regulatory environment for online games.

Future Goals and Continuous Improvement

While the report highlights significant progress, Play’n GO acknowledges that there is still work to be done. The company is committed to continuous improvement and innovation, ensuring that its strategies evolve to meet emerging challenges and opportunities in the industry.

Source: “Play’n GO Announces Release of Company Sustainability Report”, Play’n GO, May 28, 2024.

The post Play’n GO Unveils 2023 Sustainability Report with Key ESG Initiatives appeared first on Casino News Daily.

MGM Tops Las Vegas Records, Unveils New $2B Share Buyback Plan

MGM Resorts International (NYSE: MGM) announced Wednesday that its fourth-quarter and full-year 2022 earnings before interest, taxes, depreciation, amortization, restructuring or rent costs (EBITDAR), and revenue set new records in Las Vegas and throughout its regional portfolio.

MGM buyback
MGM CEO Bill Hornbuckle, seen here in 2020. The company reported strong Q4 results and announced a new $2B billion buyback plan. (Image: Bloomberg)

The Bellagio operator said it earned 69 cents a share in the final three months of 2022 on revenue of $3.6 billion. Earnings per share (EPS) tripled while sales jumped 18%. MGM posted a consolidated adjusted EBITDAR of $957 million in the fourth quarter.

On the Las Vegas Strip, where it’s the largest operator, MGM’s revenue rose 27% to $2.3 billion, underscoring the benefits of the addition of the Cosmopolitan to the operator’s roster. MGM’s Las Vegas adjusted property EBITDAR in the fourth quarter swelled to $877 million from $699 million a year earlier.

At its regional venues, which include casino hotels in Maryland, Massachusetts, and Michigan, among other states, MGM posted net sales of $991 million, compared with $900 million a year earlier, as adjusted property EBITDAR increased to $320 million from $309 million.

MGM Extends Buyback Binge

Already one of the gaming industry’s most dedicated buyers of its own shares, MGM continued gobbling up its stock in 2022 as the operator bought 76 million of its shares.

Our share buyback program continues to return capital to shareholders as we have already repurchased 4 million shares for $164 million year-to-date, adding to the 76 million shares we repurchased in 2022 and totaling approximately $4.7 billion since 2021. Beyond this, our Board of Directors authorized an additional $2 billion for share buybacks,” said CFO Jonathan Halkyard in a statement.

Based on Wednesday’s closing price of $41.43, $2 billion would buy more than 48 million shares of MGM equity, meaning the current shares outstanding tally of 393.30 million would be significantly reduced.

News of MGM’s new share repurchase program arrived after implementing a 1% buyback last year.   President Biden wants to quadruple that rate to support lavish spending programs.

MGM China Back to Profitability

MGM owns nearly 56% of MGM China, and that’s a positive these days, as the Macau gaming industry is bouncing back from the negative effects of China’s lengthy zero-COVID policies.

What we accomplished in 2022 is nothing short of remarkable and is a testament to our strategic plan, scale, brand strength, talented team, loyalty program, and the diverse geographies and channels in which we operate. We believe that there is strong momentum in our business, and our 2023 outlook remains bright, driven by a robust events calendar domestically, MGM China’s rapid year-to-date return to profitability, and BetMGM’s ongoing improvement in 2023,” said CEO Bill Hornbuckle in the statement.

The casino operator controls half of BetMGM. The internet casino and online sportsbook entity is expected to turn profitable in the back half of this year. UK-based Entain Plc (OTC: GMVHY) owns the other half of that business.

The post MGM Tops Las Vegas Records, Unveils New $2B Share Buyback Plan appeared first on Casino.org.